Ethereum Classic (ETC) looks more bullish than any other coin at the moment. The reasons are not solid fundamentals and positive developments alone. The above weekly chart for ETC/BTC shows something that you would not find on the chart of any other top 20 coin. Ethereum Classic (ETC) reached its ATH against Bitcoin (BTC) in June 2017. After that, it has been correcting for more than 12 months now! That means it missed out on the January bull run that you would find on the charts of most cryptocurrencies.
As the chart above shows, Ethereum Classic (ETC) barely moved against Bitcoin (BTC) in January 2018 and continued to be in a correction while most other coins had big rallies around this time of the year. Interestingly enough, Ethereum Classic (ETC) has been inching closer than ever to breaking past this resistance as it traded further along the triangle. Currently, the price is struggling to break the downtrend resistance. It is likely that Ethereum Classic (ETC) may complete one final wave down yet before it can break out of the triangle. However, long term the price is all set to explode for the remaining half of the year.
The price of Ethereum Classic (ETC) is currently trading above $17 and at 247,000 satoshis. If Ethereum Classic (ETC) breaks out of the above triangle against Bitcoin (BTC) it would soon reach a price of 0.01 satoshis. If Bitcoin (BTC) reaches a price of $25,000 by the end of 2018, that would put the price of Ethereum Classic (ETC) at $250 per coin. It is important to note that this is without taking into account massive adoption after Coinbase or a big boost in the price of Bitcoin (BTC). This analysis focuses on the price of Ethereum Classic (ETC) by the end of the year just to give Ethereum Classic (ETC) enthusiasts an idea as to what to expect. It does not mean that Ethereum Classic (ETC) will reach its peak at a price of $250 and then start correcting. Whether a price peaks or bottoms is determined by how far along it is trading in the ascending channel it is in.
Analysis of ETC/USD from the above weekly chart shows that the price has broken out of the downtrend resistance and is now all set to shoot on some positive developments. Much of the recent hype surrounding Ethereum Classic (ETC) has to do with the Coinbase listing of ETC on Coinbase Pro, followed by addition to the general platform within the next two weeks provided that there is enough liquidity, according to Coinbase’s recent tweet.
ETC transactions have also hit a two months high as investors’ interest in Ethereum Classic (ETC) grows. Ethereum Classic (ETC) currently ranks as the seventh largest coin by volume which is a huge deal for a coin that ranks 13th in terms of market cap. There is no doubt that Ethereum Classic (ETC) is on a roll and could explode big time in the weeks ahead. It could definitely end up in the top 10 league by November 30 during which time Ethereum Classic (ETC) is expected to be completely IOT compatible. The market cap difference between Ethereum (ETH) and Ethereum Classic (ETC) has now come down to 23 times but it is still a lot higher than the 10 times difference between Bitcoin (BTC) and Bitcoin Cash (BCH).
I work as the key Trading Analyst for Crypto Daily and provide the team with regular analyses and updates regarding the technical performance of all cryptocurrencies on the market. I am responsible for the production of articles and posts for Crypto Daily’s own technical analysis section and spend my time monitoring and commenting on the varied moves the markets make on a daily basis.